- Write by:
-
Saturday, September 16, 2023 - 22:33:25
-
183 Visit
-
Print
Mining News Pro - Chinese battery metals producer CNGR Advanced Material Co. is weighing an initial public offering of Indonesian assets as soon as the end of 2024, according to people familiar with the matter.
The Shenzhen-listed company is in talks with potential financial advisers for a Jakarta IPO that could raise at least $300 million, or as much as $500 million if the market is favorable, the people said. CNGR is in the process of preparing the Indonesian unit — which will include its smelter assets in the country — for listing, one of the people said, asking not to be identified as the information is private.
Indonesia’s capacity to produce nickel matte, an intermediate product that can be further refined for use in electric vehicle batteries, could jump fourfold, according to a BloombergNEF report last month. Tesla Inc. struck long-term deals last year with existing suppliers CNGR and Zhejiang Huayou Cobalt Co. that will last through 2025, in a bid to secure supplies amid intensifying competition.
Deliberations are ongoing and CNGR could decide not to proceed with an Indonesian listing, the people said. A representative for CNGR declined to comment.
CNGR has two nickel matte production lines with a combined annual capacity of 27.5 kilotons, a post on its WeChat showed. It launched its nickel matte production line in Morowali Industrial Park in October last year, according to a statement on its website, and opened a second facility in Weda Bay in January.
Indonesia’s booming IPO market this year was led by miners, as the nation’s large reserves of nickel give it an edge to supply raw materials for electric vehicle batteries. In March, PT Trimegah Bangun Persada, also known as Harita Nickel, raised about $645 million in the country’s second biggest listing this year, while PT Merdeka Battery Materials raised $610 million in the third largest listing.
Short Link:
https://www.miningnews.ir/En/News/627378
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
Iron ore futures prices ticked lower on Monday, weighed down by diminishing hopes of more stimulus in top consumer ...
Interros, Nornickel’s largest shareholder, on Monday called allegations by fellow shareholder Rusal about undervalued ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
China’s state planner on Friday finalized a rule to set up a domestic coal production reserve system by 2027, aimed at ...
Chile’s SQM called another investors meeting at the request of its second-largest shareholder, Tianqi Lithium Corp., ...
French mining group Eramet said on Wednesday it had reached an agreement with the French government to continue its ...
Copper traded near a 15-month high as supply concerns and brighter demand prospects triggered a slew of bullish calls on ...
Rare earths prices in top producer China jumped to their highest in more than seven weeks on Monday on a wave of ...
No comments have been posted yet ...